On Monday, crypto software firm Bakkt Holdings (BKKT) announced an ambitious plan to raise up to $1 billion through various securities offerings to boost its own Bitcoin (BTC) treasury reserve, in line with the growing trend among publicly traded companies.
The company plans to provide underwriters with a 30-day option to purchase an additional 15% of the shares sold, allowing for potential over-allotments. The offering is contingent upon market conditions, and there are no guarantees regarding its timing, size, or terms.
Clear Street LLC and Cohen & Company Capital Markets are acting as joint book-running managers for this offering, which is being made under a shelf registration statement declared effective by the Securities and Exchange Commission (SEC) earlier this month.
The company has faced challenges as well; in March 2025, its stock plummeted by 30% after announcing that two major clients, including Bank of America, would not be renewing their financial agreements.
In the wake of the recent offering announcement, Bakkt’s shares initially surged by approximately 3%, though they ultimately closed the day down 5% at $17 per share.
As of this writing, Bitcoin is trading at $117,960, marking a 10% surge within the monthly timeframe. Since July 13, the market’s leading cryptocurrency has been attempting to consolidate above the $116,000–$120,000 range. It is currently only 4% below the $123,000 record.
Featured image from DALL-E, chart from TradingView.com
